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                                                                    Exhibit 99.1

INDEPENDENT ACCOUNTANTS' REPORT

Board of Directors of Nissan Motor Acceptance Corporation
Torrance, California

We have examined management's assertion that Nissan Motor Acceptance Corporation
(the "Company") has complied as of March 31, 2004 and for the period from July
24, 2003 (commencement of operations) to March 31, 2004 with its established
minimum servicing standards (herein, the "Servicing Policy") identified and
included in the accompanying Management's Assertion, dated June 18, 2004, for
Nissan Master Owner Trust Receivables. Management is responsible for the
Company's compliance with the Servicing Policy. Our responsibility is to express
an opinion on management's assertion about the Company's compliance based on our
examination.

Our examination was conducted in accordance with attestation standards
established by the American Institute of Certified Public Accountants and,
accordingly, included examining, on a test basis, evidence about the Company's
compliance with the Servicing Policy and performing such other procedures as we
considered necessary in the circumstances. We believe that our examination
provides a reasonable basis for our opinion. Our examination does not provide a
legal determination on the Company's compliance with the Servicing Policy.

In our opinion, management's assertion that the Company complied with the
aforementioned Servicing Policy as of March 31, 2004 and for the period from
July 24, 2003 (commencement of operations) to March 31, 2004 for Nissan Master
Owner Trust Receivables is fairly stated, in all material respects based on the
criteria set forth in Appendix I.

/s/ Deloitte & Touche LLP

Costa Mesa, California
June 18, 2004

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MANAGEMENT'S ASSERTION

June 18, 2004

As of March 31, 2004 and for the period from July 24, 2003 (commencement of
operations) to March 31, 2004, Nissan Motor Acceptance Corporation (the
"Company") has complied, in all material respects, with the Company's
established minimum servicing standards for dealer floorplan loans serviced by
the Company for Nissan Master Owner Trust Receivables as set forth in Appendix I
(the "Standards"). The Standards are based on the Mortgage Bankers Association
of America's Uniform Single Attestation Program for Mortgage Banker's, modified
to address the unique characteristics of servicing dealer floorplan loans.

               /s/  Steve Lambert
       -------------------------------------------------
       Steve Lambert - President

              /s/  Joji Tagawa
       -------------------------------------------------
       Joji Tagawa - Treasurer

             /s/  Anthony Wall
       -------------------------------------------------
       Anthony Wall - Assistant Treasurer and Controller

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                                                                      APPENDIX I

NISSAN MOTOR ACCEPTANCE CORPORATION'S MINIMUM SERVICING STANDARDS FOR DEALER
FLOORPLAN LOANS

I.    CUSTODIAL BANK ACCOUNTS

      1.    Reconciliations shall be prepared on a monthly basis for all
            custodial bank accounts and related bank clearing accounts. These
            reconciliations shall:

            -     be mathematically accurate;

            -     be prepared within forty-five (45) calendar days after the
                  cutoff date;

            -     be reviewed and approved by someone other than the person who
                  prepared the reconciliation; and

            -     document explanations for reconciling items. These reconciling
                  items shall be resolved within ninety (90) calendar days of
                  their original identification.

      2.    Funds of the servicing entity shall be advanced as specified in the
            servicing agreement in cases where there is an overdraft in an
            investor's or a borrower's account and an advance is specified in
            the investor's servicing agreement.

      3.    Each custodial account shall be maintained at a federally insured
            depository institution in trust for the applicable investor.

II.   PAYMENTS

      1.    Payments shall be deposited into the custodial bank accounts and
            related bank clearing accounts within two business days of receipt.

      2.    Payments made in accordance with the borrower's dealer floorplan
            loan documents shall be posted to the applicable borrower's records
            within two business days of receipt.

      3.    Payments shall be allocated to principal, interest or other items in
            accordance with the borrower's dealer floorplan loan documents.

      4.    Payments identified as payoffs shall be allocated in accordance with
            the borrower's dealer floorplan loan documents.

III.  DISBURSEMENTS

      1.    Disbursements made via wire transfer on behalf of a borrower or
            investor shall be made only by authorized personnel.

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      2.    Disbursements made on behalf of a borrower or investor shall be
            posted within two business days to the borrower's or investor's
            records maintained by the servicing entity.

      3.    Amounts remitted to investors per the servicer's investor reports
            shall agree with canceled checks, or other form of payment, or
            custodial bank statements.

IV.   INVESTOR ACCOUNTING AND REPORTING

      1.    Monthly investor reports are sent to the indenture trustee on a
            monthly basis listing the total unpaid principal balance and number
            of dealer floorplan loans serviced.

V.    DEALER FLOORPLAN LOAN ACCOUNTING

      1.    The servicing entity's dealer floorplan loan records shall agree
            with, or reconcile to, the records of borrower with respect to the
            unpaid principal balance on a monthly basis.

VI.   DELINQUENCIES

      1.    Records documenting collection efforts shall be maintained during
            the period a dealer floorplan loan is in default and shall be
            updated at least monthly. Such records shall describe the entity's
            activities in monitoring delinquent dealer floorplan loans
            including, for example, phone calls, letters and payment
            rescheduling plans in cases where the delinquency is deemed
            temporary (e.g., illness or unemployment).

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